The Labor Market Conditions Index (LMCI) from the Federal
Reserve Board includes 19 indicators of labor market activity, covering the
broad categories of unemployment and underemployment. These include jobs,
workweeks, wages, vacancies, hiring, layoffs, quits and other surveys of
consumers and businesses. Because the trends in the index are slow-moving, Haver
presents only the changes in the index. All are measured monthly and have been
seasonally adjusted.

During January, the index value improved to 1.3 from 0.6 in
December, revised from -0.3. Contributing positively in January were quicker
payroll employment growth, a higher labor force participation rate and a higher
percentage of small businesses with jobs that could not be filled right now.
Contributing negatively was a higher unemployment rate and slower growth in
average hourly earnings.